Seattle Real Estate News September 2021
The Personal Seattle Real Estate News
Seattle Real Estate News September: The typical August lull slows housing activity.
KIRKLAND, Washington (September 7, 2021) – August typically brings a dip in housing activity and this year was no different, according to representatives from Northwest Multiple Listing Service when commenting on newly-released statistics. Figures comparing July to August show month-to-month drops in new listings, total inventory, pending sales, close sales, and median prices.
“August showed a more traditional seasonal pattern with decreased activity as families took end-of-summer vacations and made back-to-school preparations,” remarked Frank Wilson, Kitsap regional manager and branch managing broker at John L. Scott Real Estate.
NWMLS statistics show the volume of new listings added during August, including single family homes and condominiums, declined from both July (down 11.5%) and twelve months ago (down 4.2%).
Total inventory for the 26 counties in the report also fell, shrinking about 6.6% from July and nearly 22.6% from a year ago. At month end, there were 7,425 active listings, down from the year-ago total of 9,591.
“We saw a dip in open house traffic overall, although some new listings were overwhelmed with traffic, depending on the area and the price point,” reported Wilson. “We are seeing homes stay on the market slightly longer and more instances of sellers overpricing their properties.”
John Deely, executive vice president of operations at Coldwell Banker Bain, agreed. “The continued lack of inventory indicates properties will move very quickly if priced reasonably. Even in our current hot market, pricing a property correctly has never been more important,” he emphasized.
Prices showed signs of moderating during August. The median price on the 10,571 sales that closed last month was $579,000, a drop of $10,000 from July. Prices did rise compared to 12 months ago, climbing from $490,000 for an increase of about 18.2%. That year-over-year (YOY) percentage change was the smallest since February when there was a bump-up of about 15%.